Section 8.9A-323 - [Effective 7/1/2025] Future advances(a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under § 8.9A-322 A(a) (1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:(1) is made while the security interest is perfected only: (A) under § 8.9-309A when it attaches; or(B) temporarily under § 8.9A-312 A(e), (f), or (g); and(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under § 8.9-309A or § 8.9A-312 A(e), (f), or (g).(b) Lien creditor. Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made:(1) without knowledge of the lien; or(2) pursuant to a commitment entered into without knowledge of the lien.(c) Buyer of receivables. Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.(d) Buyer of goods. Except as otherwise provided in subsection (e), a buyer of goods takes free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the buyer's purchase; or(2) forty-five days after the purchase.(e) Advances made pursuant to commitment; priority of buyer of goods. Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five day period.(f) Lessee of goods. Except as otherwise provided in subsection (g), a lessee of goods takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the lease; or(2) forty-five days after the lease contract becomes enforceable.(g) Advances made pursuant to commitment: priority of lessee of goods. Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five day period.Code 1950, § 43-27; 1964, c. 219, §§ 8.9-301, 8.9-307, 8.9-312; 1966, c. 557; 1973, c. 509; 1983, c. 204; 1984, c. 613; 1991, c. 536, § 8.2-307A; 1996, c. 216; 2000, c. 1007.Amended by Acts 2024 c. 652,§ 1, eff. 7/1/2025.Amended by Acts 2000, § c.1007.Amended by Acts 1996, § c. 216.Amended by Acts 1991, § c. 536, § 8.2A-307.Amended by Acts 1984, § c. 613.Amended by Acts 1983, § c. 204.Amended by Acts 1973, § c.509.Amended by Acts 1966, § c. 557.Amended by Acts 1964, § c. 219, 8.9-301,8.9-307,8.9-312.This section is set out more than once due to postponed, multiple, or conflicting amendments.